John Calipari and the University of Kentucky have agreed to a seven-year, $52.5 million contract extension, the school announced Thursday.

Calipari has led the Wildcats to a national championship, three Final Fours and four Elite Eight appearances in five seasons as the Kentucky men's basketball coach. He was the subject of great speculation during the Wildcats' 2014 run to the national championship game as a number of NBA head coaching positions came open.

The deal comes two days after Alabama agreed to a contract extension with football coach Nick Saban that will pay him $6.9 million a year for the next eight seasons. For the 2014 season, Saban's agreement will make him of the nation's most highly paid public employees as well as one of the most highly paid people in American higher education.

However, Calipari is scheduled to surpass Saban's basic compensation total in the second season of his new deal. Calipari's total compensation from the school will rise to $7 milllion, from the $6.5 million he will get for the 2014-15 campaign. Under Calipari's prior terms, he was scheduled to make $5.2 million in 2014-15.

Calipari's pay is set to increase to $7.25 million in 2016-17, $7.75 million in 2017-18 and then $8 million for each of the deal's final three seasons.

The revised deal eliminates all of the on-court team performance bonuses for which Calipari had been eligible. He will remain eligible for a $50,000 annual bonus if the team's NCAA Academic Progress Rate figure is at least 950.

Kentucky did increase the value of retention bonuses. If Calipari remains in his position as Kentucky's coach on July 31, 2016, he will receive $1.6 million. Those bonuses increase by between $150,000 and $500,000 each year through 2021.

The lack of on-court performance bonuses is highly unusual but not unique. Among coaches in this past season's NCAA tournament, Oklahoma State's Travis Ford and Coastal Carolina's Cliff Ellis had contracts that included no bonus provisions. Among Football Bowl Subdivision coaches, Colorado State's Jim McElwain last season had a deal under which he could get only one bonus: $150,000 based on the team's APR, as long as there have been no findings or formal allegations of a major NCAA rules violation against the program.

In two recent calendar years, Duke's coach Mike Krzyzewski has been credited with $7.2 million and $9.7 million, according to school tax returns. However, those figures take into account bonuses, various forms of deferred compensation and the value of all benefits. Kryzyzewski was credited with just more than $6 million on the school's new tax return that was released in May. That figured covered the 2012 calendar year and reflected a decline in his bonus pay.

"I'd like to thank (athletic director) Mitch (Barnhart) and (president) Dr. (Eli) Capilouto for their commitment to me, my family and the basketball staff," Calipari said.

"I've said over and over that I have the best job in the country. With the continued support from our administration and the greatest, craziest, fans in college basketball, we have accomplished a lot in our five quick years, but we still have lofty goals for the future. We want to continue to help young people and their families reach their dreams, while at the same time maintaining our success on the basketball court, in the classroom and in the community."

As part of the revised contract, Kentucky agrees to pay $5 million to Calipari for every year remaining on his contract if the Wildcats terminate the contract without cause. In Calipari's previous contract, that number was $3 million.

The Wildcats entered the 2013-14 season as the nation's No. 1 team but struggled through much of the season as their youthful but talented roster adjusted to their roles. However, they came together in the postseason, beating a 1, 2 and 4 seed en route to the Final Four in Arlington, Texas.

"It has long been our goal over the last three to five years," Barnhart said, "that Cal enjoy this as his final stop in coaching and that he has an opportunity to finish his career at the University of Kentucky and hopefully set standards and win championships that will be remembered for many, many years to come."